OPEC and the post-war evolution of the oil industry, part 3: Shale, new demand and OPEC+
The third part in the second chapter of our history of oil looks at the US shale revolution and ‘declaration of cooperation’ that created OPEC+
As 2016 progressed and oil prices remained stubbornly low, something had to happen. Production cuts were accompanied by one of the most important events in the history of the oil market: the signing of a formal ‘declaration of cooperation’ at the end of the year. The signatories were the members of OPEC plus ten other producers (Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan). The inclusion of Russia—its production is today 64% of the ‘plus’ part of the alliance—was crucial and its active participation in supply management has given OPEC+ significant market control. The value of the declaration was shown by the expanded group’s response to th
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026






